A Look at the Complete Advantages of USDA Loans Austin

USDA Loans Austin

USDA Loan in OklahomaUSDA loans Austin is the best way to make your home ownership dream in the number one city of Texas a reality. You do not even have to be rich-over-your-shoulders or have a strong credit score to pass. With as little a credit score as 620, you can pass the test and apply for this program at USDLoansDirect.com.

Benefits for First-time and Second-time Applicants

If you are applying for Austin USDA loans for the initial time ever, then you can gain these advantages:

  • You will not pay any cent worth of down payment.
  • There is no Private Mortgage Insurance, particularly because the Rural Development acts in a guarantor role for this program.
  • As a second-time applicant, you can enjoy these advantages of USDA Loans Austin:
  • Ability to refinance an existing mortgage, probably the 15-year variable-rate scheme to a lower rate.
  • Chance to apply for a new home purchase credit after successfully completing the previous plan.

Benefits Accruing To Minimal Fees

There are three major fees for Austin USDA loans:

  • Interest rate. We can help you find a competitive rate from a lender with FHA certifications.
  • Guarantee Fee. With as low a guarantee fee as 2%, you can avoid Private Mortgage Insurance because this particular charge acts as an affirmation for repayment. The good news is that you can roll it into the balance of the mortgage.
  • Mortgage Insurance Premium. The current rate is 0.3 percent in comparison to that of FHA at 1.15 percent.

The Application Guidelines

If you have decided to go ahead with Austin USDA loans, then you only have to pass these few guidelines:

  1. Submit a request and pass our pre-qualifications based on your income level, credit score of at least 620 and area of residence, which should be in non-metro Austin.
  2. Find a lender with a low rate. The lending institution will help you go through the property appraisal stage.
  3. Select a mortgage term that suits you. USDA loans Austin usually provide a 30-year period at a permanent rate or a 15-year amortization at a variable interest rate.
  4. Start enjoying your new home life after settling closing fees.

On the latter score, USDLoansDirect.com can assist you to have the seller settle at least 6 percent of the closing costs. This leaves you with only the minimal requirement of remitting the guarantee fee which you can even roll into the main mortgage. There is no age requirement but you ought to have an income margin of 115 percent of the Area median Income (AMI) to qualify for USDA loans Austin. The current single-family unit rate stands at $73600 for most neighborhoods of this city.
Helpful links for you to review:


USDA Down Payment Assistance

First Time Home Buyer

USDA Rural Development Loan